Old North State Wealth Management LLC Buys 1,752 Shares of Corteva, Inc. (NYSE:CTVA)

Old North State Wealth Management LLC grew its stake in Corteva, Inc. (NYSE:CTVA) by 27.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,184 shares of the company’s stock after buying an additional 1,752 shares during the period. Old North State Wealth Management LLC’s holdings in Corteva were worth $467,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Czech National Bank raised its position in Corteva by 6.2% in the 3rd quarter. Czech National Bank now owns 141,018 shares of the company’s stock worth $8,290,000 after purchasing an additional 8,202 shares during the period. GAMMA Investing LLC boosted its holdings in Corteva by 50.6% during the 3rd quarter. GAMMA Investing LLC now owns 11,029 shares of the company’s stock valued at $648,000 after acquiring an additional 3,705 shares during the period. Bangor Savings Bank grew its position in Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after acquiring an additional 241 shares during the last quarter. Atomi Financial Group Inc. purchased a new position in Corteva in the 3rd quarter worth approximately $253,000. Finally, City Holding Co. raised its holdings in Corteva by 1.6% during the 3rd quarter. City Holding Co. now owns 15,525 shares of the company’s stock valued at $913,000 after buying an additional 246 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Trading Up 1.8 %

NYSE CTVA opened at $65.79 on Wednesday. Corteva, Inc. has a 12 month low of $50.01 and a 12 month high of $66.24. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock’s fifty day moving average price is $60.15 and its 200-day moving average price is $57.99. The stock has a market cap of $45.21 billion, a P/E ratio of 66.45, a P/E/G ratio of 1.71 and a beta of 0.78.

Corteva declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.03%. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analyst Weigh In

CTVA has been the subject of several recent analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Royal Bank of Canada increased their price objective on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Citigroup boosted their target price on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Bank of America raised their price target on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, KeyCorp reduced their price objective on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.06.

Corteva Company Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.